The Board of Directors of Access Holdings Plc has approved the Group’s audited interim consolidated and separate financial statements for the half-year ended 30 June 2026.

The decision was taken during the board’s meeting held on 27 August 2026, marking a significant step in the group’s financial reporting calendar.

“The financial statements were considered and approved by the Board at its meeting held on 27 August 2026 and will now proceed through the required regulatory process, including approval by the Central Bank of Nigeria,” the company announced in a statement following the meeting.

The approval clears the path for the financial institution to move into the final administrative phase of its mid-year audit process, as the group must secure statutory sign-off from the apex bank before the results can be released to the investing public.

“Following receipt of the CBN’s approval, Access Holdings will publish the audited financial statements through the Nigerian Exchange Limited and make them available to shareholders, investors and other stakeholders through the Group’s established communication channels,” the company added.

Outlining the core principles driving its financial disclosure, the group emphasised its commitment to regulatory compliance and operational transparency across its global operations.

“The process reflects Access Holdings’ commitment to strong governance, regulatory compliance and transparent engagement with its stakeholders as it continues to build a more connected and resilient financial services group serving Africa and its international markets,” the statement noted.

In adherence to capital market rules, Access Holdings confirmed that restrictions on share trading by internal stakeholders remain strictly in force.

“In accordance with the NGX Issuers’ Rules, Access Holdings will remain in a closed period until 24 hours after the audited financial statements have been released to the public,” the company stated.

The institution concluded with a clear directive regarding trading boundaries for key insiders: “During this period, directors, insiders and their connected persons are prohibited from dealing, directly or indirectly, in the securities of Access Holdings Plc.”

The public market release of the audited statements on the NGX is expected shortly following the completion of the CBN’s review process.

In the Nigerian banking sector, Tier-1 financial institutions like Access Holdings are subject to regulatory oversight by the CBN and the NGX, requiring commercial banks and holding companies to submit interim and annual financial statements to the apex bank for formal review and approval before public dissemination.

This vetting process ensures systemic risk management, compliance with capital adequacy standards and accurate representation of non-performing loans across multi-jurisdictional operations.

Capital market rules enforced by the NGX also require listed entities to observe a closed period prohibiting directors, key management personnel and connected insiders from trading the company’s shares to prevent insider trading and ensure market fairness while price-sensitive financial information awaits regulatory clearance.

Source: punchng.com

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Quarterly contributions into the Personal Pension Plan rose 42.46 per cent to N147.16m in the first quarter of 2026, up from N103.30m recorded in the fourth quarter of 2025, The PUNCH has learned.

Data obtained from the National Pension Commission’s Q1 2026 pension industry report revealed that the N43.86m surge pushed cumulative contributions under the scheme to N1.66bn since inception.

Reacting to the increase in revenue despite low participation, Lagos-based stock market trader and pension analyst Ade Ojapa said the figures highlight both progress and persistent structural challenges.

“The 42 per cent increase in quarterly inflows demonstrates that active participants are beginning to deposit larger volumes, but the sheer volume of dormant accounts shows that initial onboarding is failing to translate into financial commitment,” Ojapa said.

However, the PenCom report highlighted a severe structural deficit, revealing that 91.4 per cent of registered accounts under the scheme remain dormant.

Out of 219,316 total registrations recorded from inception to Q1 2026, only 18,811 accounts (8.6 per cent) were funded with active Retirement Savings Accounts.

Conversely, 200,505 registered accounts have received zero financial contributions.

The figures underscore a persistent hurdle for the regulator: converting initial registrations into active, recurring pension contributions among informal sector participants.

Explaining the operational realities behind the figures, a member of the Pension Fund Operators Association of Nigeria noted that economic conditions heavily dictate compliance among informal workers.

“Unlike formal sector employees whose contributions are deducted at source by employers, informal workers must manually transfer funds while managing unpredictable daily incomes,” the official said, requesting anonymity. “When headline inflation squeezes household budgets, voluntary long-term savings are usually the first casualty.”

Launched under the Micro Pension Plan framework, the initiative was designed by PenCom to extend the Contributory Pension Scheme to self-employed individuals and workers operating within Nigeria’s vast informal economy.

Unlike formal sector employees who benefit from mandatory employer-employee co-contributions under the Pension Reform Act 2014, informal sector contributors participate voluntarily. To encourage uptake, the plan allows flexible contribution schedules and grants contributors access to 40 per cent of their accumulated funds for contingent withdrawals prior to retirement, while the remaining 60 per cent is locked strictly for retirement benefits.

Nigeria’s informal sector accounts for an estimated 80 per cent of the national workforce, representing a critical frontier for pension expansion and financial inclusion.

Offering a path forward for the regulator and operators, financial inclusion advocate and economist, Dr. Kemi Ojo, emphasised the need for technological integration and field-level engagement.

“To convert those 200,000 dormant accounts into active income streams, PenCom and PFAs must partner with microfinance institutions and trade unions to automate micro-deductions. Mobile USSD channels and daily micro-contributions are essential if we expect informal earners to build lasting retirement safety nets,” Ojo asserted.

While the 42.46 per cent quarterly jump in contributions signals encouraging momentum among active depositors, stakeholders emphasise that aggressive sensitisation and digitised collection channels will be crucial to activating the 200,505 idle accounts across the country.

Source: punchng.com

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The moribund Ajaokuta Steel Company Limited and its host community risk being disconnected from electricity supply over unpaid obligations totalling N5.46bn, the Nigerian Electricity Regulatory Commission has disclosed.

The NERC, in its just-released 2025 Annual Report, said the steel company and the host community failed to make any payment towards energy invoices and service charges issued by the Nigerian Bulk Electricity Trading Plc and the Market Operator during the year.

According to the report, Ajaokuta received an energy invoice of N4.96bn from NBET in 2025 but made no payment. It also failed to pay the N500m service charge invoice issued by the Market Operator, bringing the total outstanding obligation to N5.46bn.

“Ajaokuta Steel Co. Ltd and the host community did not make any payment for the N4.96bn and N0.50bn energy invoices and service charges received from NBET and MO, respectively, in 2025,” the commission said.

NERC said the continued non-payment had become a matter of concern, prompting it to escalate the issue to relevant Federal Government ministries for intervention.

It warned that failure by Ajaokuta to settle its electricity obligations could put the complex at risk of being disconnected by its service providers. “The commission has escalated the issue of continual non-payment of electricity bills by Ajaokuta to the relevant federal ministries to find a lasting solution.

“Failure to settle the obligations may put the Ajaokuta complex at risk of being disconnected from its service providers (NBET and MO) on the grounds of gross indebtedness,” NERC stated.

The disclosure comes amid the Federal Government’s renewed efforts to revive the Ajaokuta Steel Complex, which has remained largely inactive decades after its construction began.

The electricity debt highlights the financial challenges confronting the complex and the wider difficulties surrounding the payment of electricity bills by some government-linked institutions and other large power consumers.

NERC also disclosed that international bilateral electricity customers recorded a lower remittance performance in 2025 compared with their local counterparts.

The international customers – Société Nigérienne d’Électricité, Société Béninoise d’Énergie Électrique and Compagnie Énergie Électrique du Togo – received a combined invoice of $73.91m for ancillary services provided by the Market Operator.

The three international customers paid $62.75m, representing an 84.90 per cent remittance performance.

For local bilateral customers, NERC said invoices for ancillary services provided by the Market Operator amounted to N13.20bn, while payments totalled N12.75bn. This represented a remittance performance of 96.60 per cent.

The commission’s report underscores the growing pressure on electricity market participants to meet their financial obligations, as unpaid bills continue to affect the liquidity and sustainability of the Nigerian Electricity Supply Industry.

NBET is responsible for bulk electricity trading and serves as an intermediary between electricity generators and distribution companies, while the Market Operator administers the commercial operations of the electricity market.

For Ajaokuta, however, it could be recalled that NERC had issued similar threats in the past without corresponding actions.

Source: punchng.com

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